Bahnhof (BAHN) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 reached 511.6 MSEK, up 7% year-over-year, with record EBIT of 72.2 MSEK and net income of 60.1 MSEK.

• Strong organic growth in both private and corporate segments, with 7,299 new household customers and continued expansion in Finland and Denmark, preparing for entry into Germany.

• Bahnhof was named Sweden's best broadband operator for businesses by Svenskt Kvalitetsindex in October 2024.

• Cash flow for Q3 was robust at 99.5 MSEK, and liquidity remains strong with 659.8 MSEK in cash at quarter-end.

• Margins remain historically high, and the company expects to exceed its full-year 2024 guidance.

Financial highlights

• Q3 2024 revenue: 511.6 MSEK (477.9 MSEK in Q3 2023), up 7% year-over-year.

• EBITDA: 86.4 MSEK (86.5 MSEK), EBIT: 72.2 MSEK (70.2 MSEK), Net income: 60.1 MSEK (58.6 MSEK).

• Net margin: 14.8% (15.5%), EPS: 0.56 SEK (0.55 SEK).

• Cash flow from operations: 99.5 MSEK (56.9 MSEK), investments: 6.3 MSEK (2.3 MSEK).

• Liquidity at quarter-end: 659.8 MSEK (596.1 MSEK).

Outlook and guidance

• Full-year 2024 revenue expected to exceed 2 billion SEK, with operating margin above 12%.

• Margins for the year likely to surpass previous estimates due to strong Q3 performance.

• Strategic focus on expanding market share in Northern Europe, with continued organic growth and innovation.